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What is amount of dividend preferred stockholders receive

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Problem 1: Deep Bay Drilling is paying 0.30 cents dividend for each of its 20,000 shares of Preferred Shares outstanding. It also has 110,000 shares of common stock outstanding. If the company decides to pay a total of $35,000 in dividends. The preferred stock is cumulative with two years' dividends in arrears. What is the amount of dividend preferred stockholders will receive?

Option 1: $18,000

Option 2: $24,000

Option 3: $6,000

Option 4: $12,000

Reference no: EM132964366

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